Okay, good morning, everybody. Shall we kick off, Abhijit?
Yes, go ahead.
Let's start. Let's begin. Welcome to Huddly's Q2 2023 results presentation. I'm Graham Williams. I'm the CEO of Huddly, and I'm joined by our CFO, Abhijit Banik. Thank you all for joining. Let's go through the key, the key highlights of the quarter. Revenue was NOK 57 million, which is up per 12% on Q1, and a step in the right direction. Gross margin increased to 57%, and this reflects both customer and product mix, and also a positive effect of the release of a one-off sales provision. The underlying gross margin for the quarter was around 50%, and in line what we've been working towards. The EBITDA was - NOK 8 million, versus + NOK 3 million in the previous Q2 2022. Importantly, we've stabilized our cost base, moving out of H1 2023.
Huddly Crew has been super successful. Our channels team has done an amazing job and conducted over 850 customer demonstrations since January 2023, and that's not people, that's customers. That's individual companies, which I think anyone would recognize as an amazing achievement. The early adopter kits have rolled out, that was a, that was a sell-out. We sold every one we had. And the feedback has, and the input from customers, and the engagement has been beyond what most of us expected. Now we've moved to general availability, and the product is shipping this month. On top of that, we launched a comprehensive and a much improved go-to-market channel strategy, which I'll talk a little bit about later.
Daniel and his, his channels team have really gone above and beyond in what they've achieved. All right, next slide there, Abhijit.
Yeah. Thank you very much, Graham. In the next few slides, we'd like to share a bit more about Huddly's commercial opportunity, our products, and the key, the key priorities going forward. Before we do that, let's just take a step back and ask the question of: What is Huddly's core purpose? For us, it's all about empowering human collaboration. That is the belief behind what we're doing and what we're executing towards each day. The only question is, what are the actions we take to realize the why? The how for us is that we challenge the status quo to make hybrid teamwork productive and inclusive. There are two elements into this. Number one is innovation.
We're all about creating innovative and differentiated products that actually meet customer demands. Number two, we are especially focusing on the hybrid teamwork space, which is currently seeing several pain points, which I'll come back to later, in order to be productive and inclusive as ever before. Then the result of this, of the why and the how, that's our products. For us, that is our tangible proof of our purpose. For us, it's about crafting intelligent camera systems that combine AI, hardware, and software. This, again, of course, then leads into revenues and gross margin and profitability for the company. Looking at the logic from the why to the products, and all the way into revenue streams, this is our focus each day.
I mentioned a few words about the workplace and hybrid mode, and I guess most of you people are aware of the trends that we saw after the pandemic, where we saw this convergence of people working approximately two to three times a week from home. At the start, there was sort of almost like a tug-of-war between employees' desires and employers' plans, as shown on the graph on the left-hand side. But we're currently seeing it stabilizing towards around two to three times a week working from home. The complication of this is that we see a working from home and hybrid collaboration emerging, and that leads to several complexities with regards to collaboration, which I'll come back to later.
Hybrid workplace is especially prevalent in typical white-collar industries such as IT, finance, and professional and business services. These are also our core industries. We have a lot of customers within these segments. This is also then our sweet spot, a position for us as a company. What is then the impact of this for us? Huddly, we are well positioned to monetize on the post-COVID-19 trends. There is really one before, during, and after COVID-19. Before the COVID-19, we saw this case of general collaboration, where all people sat at the office, and there was to some extent, use of video conferencing. But it was mostly confined into large corporations and Fortune 100 companies. Came the COVID-19. Everybody forced to work from home.
A lot of use of video conferencing platforms such as Teams and Zoom. That wasn't a particularly good place for Huddly because we are mostly within the meeting room spaces, and of course, when people are working from home, the demand and the potential for our products is not as high as it could have been. What we're seeing now, post-COVID-19, is that we see a sweet spot position for us now, because with hybrid workplace emerging, we see a lot more complex interactions between people collaborating. There are people working from home, people working at the office, people working in other remote places, and collaboration then gets a lot more challenging. It is more challenging to include everybody into the meetings. Understanding non-verbal communication, human cues, etc , is a lot more hard.
That, again, translates into demand for good and intelligent products, such as what Huddly offers into the market. We do see a continued use of high use of video conferencing, but the interactions in video conferencing is much more challenging, and we have the products to address those customer pain points. That, again, translates into growth in monetary terms. 2023 has been somewhat challenging with macroeconomic uncertainty, but we still believe in the long-term growth potential of this market. Growth is mainly expected to be driven by increased penetration rates, and in addition to higher prices due to intelligent features. This is a research and forecast from Frost & Sullivan, and they forecast that penetration rates will increase from about 10%-13% up to 20-something%.
Huddly, we have products which are catering to all of these meeting scenarios, both small, medium meeting rooms and large meeting rooms, and as well, classrooms and other soft seating areas. I'd like to just highlight Huddly Crew, which Graham will get back to. Huddly Crew is a product that where we are really exploring different scenarios and different settings. We do see a lot of potential also in the small meeting room spaces, about let's say four to six to eight people, as well as in the mid to large meeting room space. This is what we are currently exploring, and there's a lot of potential in this product, which Graham will be back to.
Graham, can you maybe take over and talk a bit more about our products?
Absolutely, no problem. I touched on this last quarter, but I think it's worth repeating. Huddly has been in the AI machine learning business since 2013, which is 10 years now. Our founder, Stein Ove, was very focused on this from the, I think the minute he formed the company, and what his vision was for where we would be. We're just executing on that vision, most days now. We've been in this- in this AI space for a long time. We understand it, we understand the users, we understand what we should be doing, we understand what we shouldn't be doing. We understand a lot of things about artificial intelligence, and we've built a very, very skilled team, of people who are very dedicated in executing in this space, specifically around the user experience.
We started off with our individual cameras and now with our AI camera systems driven by Huddly Director software. This is what we're pushing on for, but we've got a lot of things to do in the future. We've really, even though we've been doing it for 10 years, we've really just begun in this space. Let me talk a little bit about Huddly Crew, which I could probably spend a whole hour talking about. Exceeding my expectations, and most people in Huddly's expectations on a daily basis now. It's the first, the world's first AI-directed multi-camera system. It's shipping, it's being used, customers are using it, they're having meetings, they're experiencing it. The feedback has been quite amazing.
Our UX and engineering team really used the insights from movie directors and TV directors to create truly engaging experiences. In our new office, we've rolled this out into a lot of meeting rooms. The team who set that office up did a brilliant job, and we're now getting to enjoy daily what Huddly Crew can do and how powerful it is. We're finding that it's pushing down into the smaller meeting room of four, eight people, which opens up a whole new market for us.
Interestingly, the last point, so what I've discovered and what I've noticed as I've traveled around the world in the last three months, is that not only do employees not particularly want to go to the office, they want to go there to collaborate, they want to go there to exchange information, they want to go there to meet their colleagues. They definitely don't want to sit at a workstation and work on a computer at a desk. If they're gonna go to a meeting room, they'd rather there not be a meeting room table. This is a really big shift that I have seen for the first time in about 30 years.
What they want the meeting room to look like is their lounge room at home, where they're comfortable, where they can sit down with their colleagues in a relaxed environment, and they can collaborate, and they can communicate, and they can be productive. That's a very, very different meeting space. The Huddly Crew, based on its AI intelligence software, and I don't put that in there for spin around AI, I put it in there 'cause it's real software that provides real benefits, adapts really well to this, to this meeting space and this new hybrid workplace. Very, very exciting for us. I mentioned a little bit earlier about what Daniel and his team have been doing with the Huddly Partner Program.
I mean, I'm just gonna sound like, you know, everything's going awesome and, but this is just another thing that's really exceeding our expectations. We launched the program just in the past quarter, we've signed up over 400 partners to sell the Huddly products. As you can see on the right there, there's various levels of Partner Program participation, which people can sign up to. You can see the numbers yourselves, but we've been really positively surprised by the active participation from the partner community in our program and wanting to learn and engage with Huddly, wanting to attend training. It's been very, very good.
As Daniel reminds us, signing one partners is one thing, executing and activating those partners and producing sales outcome is another. We understand that as a company, our channels team is now fully focused on activating those, on those partners, are doing, as I keep saying, an amazing job. We're very excited about the program, and growing out that opportunity for us. Let's talk a little bit about InfoComm. For those of you who don't know the show, it's the biggest industry show held anywhere in the world. It was held in Orlando, Florida. I attended, together with the pretty brilliant Huddly team you can see in this image.
I was so proud of these guys, and they worked so incredibly hard, and the results were brilliant. I mean, Daniel had. We, we had the booth here. Just to give you an idea of, I don't know the exact numbers, but there's tens of thousands of people that attend this, this trade show. We had the booth, it was a pretty modest booth. You know, we're not throwing money around, it was a, it was a modest booth, and Daniel and his team had invested in a, in a demo facility, which was, which was set up and the team had a continual flow of customers sitting down in that, in that demo room, viewing the Huddly Crew product, and giving us feedback, asking questions.
The level of engagement over three days of back-to-back demonstrations is something I've, I've never seen before. The team's excitement and energy was, was brilliant. Their dedication was incredible. Yeah, very proud. We picked up a, we picked up a, a Best of Show award as well, so, so that was, that was nice. You can see there the, the, the quote, industry, you know, review analyst, Gary there, "Huddly Crew is magical." We believe it is. We're pretty happy about what the team achieved. Let me just recap on, on the four objectives I set for Huddly when I got my new job in January. January 9th, as our chairman reminds me, I got my new job.
It's been pretty interesting journey so far, and we've been hitting a lot of the things we wanted to achieve. Firstly, and most importantly, Huddly probably, people in Huddly get probably a little bit tired of me saying that Huddly is a products company, everything starts and finishes with products. We have to make products that, that, that create a compelling end-user experience, that add value, which increase productivity, which increase collaboration. Everything at Huddly begins and ends with products. We're doing that. That's evidenced with the products that are coming out now. Our R&D and engineering team and UX teams and design people are working incredibly hard, and they're delivering, and they're delivering really well.
We're very excited about our, our roadmap over the next three years, and we've got our heads down and we're executing. We'll continue to, to invest into, into this, because this is where we create shareholder value. This is, this is where it's at. We've worked really hard to strengthen and both our strategic partnerships and our channel sales. Both are incredibly important to us. Strategic partnerships, we work very hard, which is well known to most people with Crestron. They're a brilliant partner. We work with them very closely just about every day of the week. Likewise with Google and Lenovo. They're our strategic partners, and we're dedicated to being the best possible partner and supplier to them that we can possibly be.
The people there, they've got their heads down, and we're really focused on making sure we deliver for those partners and meet their needs. Channel sales, I've already spoken about a fair bit in this presentation, and clearly we're working hard. That was our goal, 50/50 split. We've achieved that. We definitely want to achieve it at a much higher revenue, but it's a step in the right direction. Increased gross margin, we've achieved that. We're about where we want to be, and, but that's not an output of some kind of magical magic trick on a spreadsheet. That's delivering value, delivering products that people want to pay for, that, that increase connectivity, increase productivity.
Gross margin is, is a direct output of products, and it's also a direct marketing output of running a pretty sophisticated supply chain, which Aslak, who heads up that whole group, is another person at Huddly who works incredibly hard. He, he, he got us successfully through the supply chain problems, which are largely behind us now and, and have helped us improve our gross margin. Now he's, he's, he's pushing on. Him and his team and, and everybody working together is, is what gross margin comes from. I just keep telling people the gross margin is the output of providing value. Managing costs was, was an objective. We've got our cost base now down to realistically where we think it can be.
It's pretty much as low as it can be without, giving up on our ambitions as a company and what we want to achieve and the shareholder value that we want to create. You can't cost-cut your way to success. Can't be done, in my opinion. We've, we've, we've got it down as low as we can. We're running a pretty tight ship now, and, and, and you'll see that in the second half, that cost base. Huddly is a very, very cost-conscious company. When we fitted out our new office, Anne and the team that, that led that move, which went very smoothly, they, they went out, and they sourced, second-hand furniture.
I think we're one of the first, large commercial offices in, in Oslo, Norway, that have fitted ourselves out with second-hand office furniture, which cost us a fraction of the price of new furniture. To me, I can't tell the difference. It looks brand new. It doesn't look old. It was fantastic effort, but that's just one example of, of Huddly managing costs, and we manage costs in every single part of our business. We're very focused on costs. They're, they're our objectives, and, and we're, we're working hard, and, and I would think we're delivering on quite a few of those already.
Great. continuing on those focus areas, just also try to summarize that into an investment thesis on why we believe that Huddly is an attractive investment case. Summarizing that, for us, it's all about humans at work plus AI at work. As briefly, we went through in the first few slides, we are solving real customer pain points that are worth solving. We see the challenges that that we, that we have with hybrid collaboration, and we have the technology and the knowledge to solve those issues. Also, we expect the market to grow. It is an attractive market, and it's set to be attractive as well in the future.
In regards to AI at work, there's been a lot of talk about AI, especially after ChatGPT entered the world end of last year. But we have doing, been doing AI and machine learning since our foundation in 2013, so this has resulted in an innovative portfolio of products, as clearly evident by Huddly Crew. We have created these barriers to entry for 10 years. I'd just also, also like to comment a bit about AI for us. AI is different depending on what kind of problems you want to solve. For us, it's image-based AI, and that is a, a especially hard field to solve with AI. You have to use machine learning algorithms that are quite sophisticated.
You have to use a lot of time and competence to actually develop that. Understanding human cues, understanding that this is a person, not something else, and understanding gestures, et cetera, that is very hard, and that is the investments that we put into this organization in terms of competence, people, and we see now the result of that with our products. Going forward, it is of the most to improve and reap the benefits with the revenue and gross margins from that. Going forward, just briefly go through the financials. Go through a few of the details there. As mentioned by Graham, revenue ended up at NOK 57 billion in Q2. That is a uptick from NOK 51 billion in Q1, a 12% increase.
Sales to strategic partners was stable, whereas sales to channel increased by 34%. Compared to Q2 '23, revenue decreased 46%. That was mainly driven by lower revenue from strategic partners, as there is challenging inventory positions with our strategic partners. Going forward, it is our priority to increase sales, and we do that by prioritizing and improving our go-to-market model. Channel sales, as introduced by Graham, is one priority, but also it is about monetizing on our software and products going forward on the back of the strengthened commercial organization. Margins, gross margins, as mentioned, at 57% versus 46% in Q1 2023. 57% includes a one-off, positive one-off related to release of sales provisions.
If you exclude that, the underlying gross margin arrived at 50%. Even if you exclude that one-off effect, we still see an improvement in gross margins from 46%-50%, as an apple-to-apple comparison. gross margin in the second half of 2023 is expected to be in line with the underlying gross margin of around 50%, and this is moving in the right direction. Profit and loss, as mentioned, revenue at NOK 57 million. Gross profit reduced due to reduction in the revenue. Gross margin, as mentioned on the previous slide, at 57%. A few words on OpEx. this, this includes or excludes costs that are capitalized.
We have stabilized the cost the first half of this year, and we expect in the second half that we'll see a reduction in the cost base due to the cash effect of employee reduction, which is based on natural attrition, and we are having and have had quite a restrictive re-hiring policy. R&D investments remains still relatively high. It was despite that small decrease in R&D investments compared to Q2 2022, so it fell by 60%, 16% to NOK 30 million. However, it is important for Huddly to continue the investment in our organization to defend our leading technological position in the market.
We have an organization of 63 engineers with deep and extensive experience in AI, machine learning, and et cetera. As mentioned in previous slides, we have to invest in order to keep up with the market and the competition out there. Finally, if you look at cash flow position, at end of first quarter, cash ended at NOK 140 million. Due to reduction in revenue, cash flow with respect to operations, fell by NOK 42 million. Investments cash flow at NOK 13 million, and financing, NOK 5 million. The end of Q2 cash arrived at NOK 54 million, but also, as mentioned in the last quarterly presentation, we secured a loan facility of NOK 50 million.
If you include that, on top of, the cash, end of Q2, we have a total liquidity, end of, second quarter of 104 million NOK, which is, slightly below, the liquidity at, end of first quarter. That concludes the financial, chapter of this, presentation. I would like to give the word back to you, Graham, to, provide the outlook and summarize.
Thanks, Abhijit. All right, let's go to that slide. Just recap once again on what we're on about at Huddly and what we're investing in and what we're working at. Our priorities are unchanged, and they won't be changed this year. Continuing to lead with technology innovation, incredibly important. That's where we create shareholder value at the end of the day. Strengthen our strategic partners and our channel partners. We're gonna, we'll put our heads down and keep working on that. Increase gross margin. It's largely where we want it to be now, that's, that's a good thing. Every single day at this company, manage costs to address near-term near-term challenges.
I've seen some questions come in already, a lot of them are asking about, you know, positive cash flow, which we'll answer some of those questions later on. Managing costs is something which is now part of our DNA. We think about cash, how much cash we're investing every single day. I can't imagine you'd find anybody at Huddly who's not, not aware of this, managing costs. Let's move on. In the first half of 2023, it's largely been around stabilizing the company and sorting through some of the issues which we had. I wouldn't say that job's finished, but I would say we're stabilized. We're executing a little bit better every day.
We don't, we don't shy away from the fact that our revenue is, is down significantly than it was last year. We understand the reasons why. We're not happy about it, but we're working very, very hard to get back to where we were. We're taking a number of proactive steps to do that. We're confident we will grow again in 2024, and we'll grow again in 2025. We have a roadmap and a plan that supports that. H1 revenue this, this year, NOK 108.9 million, and for the full-year, we're looking at between NOK 200 million and NOK 250 million. As I said before, we're confident we'll increase that and grow from 2024 and beyond. Gross margin is around about where we, where we want it to be.
Cost base is now stabilized, and as Abhijit said, in the second half of this year, you'll see those benefits start to flow through. We've reduced costs a lot, and realistically, about as much as we can. Whilst doing all this, we've continued to invest in R&D and defend our leading position in AI intelligence in the meeting room, which there's no doubt that we have. We don't take that for granted. We've got competitors who would love to take that position from us, and I'm sure they're working very hard at it, and we're gonna continue to work even harder. That means investing in R&D, which we'll continue to do. All right. Let's move on to Q&A.
We've got a bunch of questions, which is, which is great. Abhijit, I'll give the first one across to you, which is based on cash position and liquidity. Sounds like a finance question to me.
Mm-hmm. Yeah, the question here is, based on the current free cash flow and current cash position, how do you assess your liquidity need over the coming three quarters? We have already the loan facility of NOK 50 million in place, which, as we showed in the presentation, is a very important step in ensuring the liquidity needs going forward. There is a loan facility that's has a total value of around NOK 100 million. In order to also build up additional sufficient cash reserves and operational flexibility, we will work, and we are working towards fulfilling the last NOK 50 million in cash.
That's my main focus going forward with respect to cash, and that should be sufficient.
That's great. All right, I'll take the next couple of questions. We've got one about how likely is it that sales from the strategic partner with supply issues will come back? If the sales postponement was based on supply issues, why does it take more than half a year before the sales are regained? I guess we are, we are confident it'll come back. What level it come back to is still to be known in the future. At the end of the day, it comes back- comes down to Huddly being a good partner, delivering on what we say we're gonna deliver on, delivering products that add value to their end customers, and being useful to them, and I think we're achieving those things. It also comes down to building and maintaining strong relationships built on trust.
I think we're doing those things. When they'll come back, as we said, is, is, is largely a factor of inventory. It'll take, it'll, it'll take as long as it takes to work through inventory at, at strategic partners. That will happen over time. How long that takes, we, we don't, we don't know at this point. I would say it's likely, or very likely, it will come back. The, the next question is around how big is sales in Norway, and is sales in Norway increasing? To be completely transparent, Norway is a very small market for us, unfortunately. Even though it's our home market, and I particularly love Norway, and I love Oslo, and we love being there, it's, it's a very small market for us.
Our major market remains North America. That's our biggest market, and then EMEA is actually growing, and Fraser Park leads that team and does a great job working for Daniel. We're starting to see good growth in Germany, and some growth in the UK. I think EMEA is growing for us, as a whole, as a region, and I think Norway, I mean, Norway, we love, and we've got a bunch of staff there, and something we'll focus on, but, unfortunately, it's a small market, would have to be my honest answer. The next one's a cash flow positive question, I think, so that's got to be yours, Abhijit.
Yeah, the question here is: "When should we expect free cash flow to be positive?" Of course, it's hard to forecast that because it depends on a lot of elements and issues that are outside of our control. We are working towards getting break even on the operational cash flow basis. That is a result of all the priorities, as mentioned by Graham, the four priorities of products, continuing investing in that, gross margin, managing cost base, and et c. We have a target of achieving cash flow break even next year. More likely end of next year.
That's our target, but it's hard to expect or to forecast, when that will happen due to elements outside of our control.
Yep. Good answer, Abhijit. You and I, I know, are focused on cash flow break even every single, every single day, and especially it's something we think a lot about and we're very focused on achieving. It's a key, a key success indicator for me as CEO. I don't like having to run a company that's not making money. That's not what I'm used to. It's a new thing for me, which I don't find comfortable, and we'll work very, very hard to get back to cash flow break even as soon as we can. As I keep saying, not at the expense of, of, of tearing up our, our long-term opportunities around technology and destroying shareholder value. I'd rather be uncomfortable than destroy shareholder value.
We will, but we will get there, as Abhijit said. The next couple of questions are sales. "850 crew demos and 400 partners. What is the likely conversion rate, and timescale to start converting into real sales?" At the moment, we don't know. We don't know what the conversion rate is, 'cause we don't have the statistics. Conversion rate is something that we're super focused on, and as, as we start getting real data, and we start understanding the real data, then we'll have those numbers. I know Daniel, in particular, is probably one of the most data-driven sales leaders I've ever met. He, he's onto it. We will get those numbers. The same for the partners.
We, we don't know, but, but the early- the levels of engagement and, and the way the product's ramping is, is promising. We, we basically don't know the, the conversion rate or the timescale, and I've just been making stuff up, and I'm not prepared to do that. We will have those numbers, and, and, and, as soon as Daniel gets them worked out, we'll certainly bring them up in a future call. They're very, very good questions, and something we are focused on. The next one is, is sales-related as well. When do you expect the inventory problems at your strategic partners to be solved? We work really closely with our strategic partners, and they're in different positions. I think excess inventory isn't, isn't a problem that's restricted to Huddly and our partners or even our industry.
I mean, whether it's sand shoes or whatever, there's inventory problems. I don't think, I don't think we're, we're alone. I don't think they're alone. As I said before, our, our, our focus is to be the best possible partner we can and to enable them to, to, to achieve the, what they need to for their customers. We've got to play our part, we have to do our job, and we have to work through it. It will happen in, happen in time. We have some expectations, and I'm hoping they'll come to life. They are. Our strategic partners are, have, have got great customer bases.
They're actively selling, they're doing the right things, providing great customer service to their customers, and it'll just all work through. Will you sign any new strategic partners going forward? The quick yes, we will. Absolutely. We work, it's another thing we work on every day at Huddly. We have a short list of strategic partners we're talking to. We don't have a lack of, of people to talk to, but we need to be very, very focused on where we spend our time and where we spend our effort, and we need to make sure that these new strategic partners can scale and can provide. We can provide long-term value to them, and they can provide long-term revenue to us and our shareholders.
It's not something we go into too lightly, because it uses a lot of resources, and resources are money, and money impacts cash flow. As I said before, we're very focused on getting cash flow positive. We're investing wisely. We are talking to strategic partners. We do so every single day, every single week at Huddly, but we do it in a very considered way. It's great to have so many sales questions. Here's another one: Follow-up on strategic sales challenge. Is the inventory problem related to another component in a sales bundle? Can you say., I just think it's just purely an inventory issue. I think most, most companies now in the world have, have worked through their, their component-related supply chain issues.
I think for Huddly and most of our partners, and most of the companies I know of, that's behind us. Now it's just clearly an inventory issue. That'll get worked through. There's more questions, which is great. Okay, Abhijit, you can do the next one.
Okay. Yep.
Which is the cost, that cost, cost run rate.
The question here is, "What is the annual cost run rate down to?" To answer that question, I would, I would use a number and a metric that we mostly use internally, which is a bit different from what you'll see in the report. Because we capitalize a significant amount of our salaries, OpEx doesn't reflect the full cost. When we measure cost, we use something which is a proxy of cash cost. That includes all salaries, which is around two-thirds of our cost base, and other cash cost components. We do see a reduction in that, and I estimate that the run rate has been reduced on a yearly annualized basis of around NOK 20 million-NOK 25 million.
That includes all cost, and the main driver behind that is the reduction in the number of people due to natural attrition, and that we haven't rehired any personnel on basis of that.
Yep. Thank you. Thanks, Abhijit. The last question I've got before we wrap up is: "In practical terms, what are the benefits of the partner, for the, to the partner of being a Platinum Partner?" The, it's fundamentally, you get a higher, a higher rebate. Huddly pays you more money in exchange for you committing more to Huddly. W e give them more discount, we give them more technical attention. They give us a higher focus from their organization. They commit to demo stock and facilities and, and a higher level of training. It's, it's a two-way street. We give more to the partner in our time and our money, and, and they give us the same in return. So far, that's, that's working pretty well.
Unless there's any other questions, we'll, we'll wrap it up. Thank you, everybody, for your attendance and your, and your questions and your engagement, and most importantly, for your continued support of Huddly. From the team at Huddly, I'd just like to say we appreciate it. We appreciate the support of our shareholders. We, we don't take it for granted. Everybody at Huddly is working incredibly hard to deliver, deliver for our shareholders. Thank you. Anything for you you want to say, Abhijit, before you, before we go?
No, I'd just like to underline that as well. Thank you very much, everybody, and thank you for the continued support.
Thank you, and we'll see you next time.
Yep. Bye. Bye.